Sardar Usman Buzdar, CM Punjab, launched the ‘Punjab Rozgar Scheme’ Today. The project will lend loans to new businesses in the province. The project worth PKR 30 billion as of today.
CM told the media that the purpose of the scheme is to provide loans to the well-deserving youth in collaboration with Bank of Punjab (BOP).
He added that not only men and women could avail this opportunity, but the transgender community could also avail this facility.
The scheme would lend soft loans up to one crore rupees to the corona affected businesses or to start new ventures.
New businesspersons between the age of 20 to 50 can apply for the loans by depositing PKR 2,000/- along with an application.
What is Punjab Rozgar Scheme?
According to resources, It’s an initiative by the Punjab Government to provide subsidized credit facilities to the micro, small, and medium (MSMEs) businesses in collaboration with Commercial Banks designed. The total funds allocated for this scheme are PKR 30 billion.
Punjab government will provide markup support and risk coverage to minimize the cost of loans for the MSMEs.
The scheme is designed with a focus to generate new employment and business opportunities for the youth by creating economic activities.
Target Group of the Scheme
Punjab Rozgar Scheme is highly valuable for:
- University and college graduates
- Diploma and certificate holders from technical and vocational training institutes
- Artisans and skilled workers
- Existing businesses
- Businesses with plans to adopt resource-efficient and cleaner production technologies or environment-friendly intervention to improve the environmental performance of their operations
To avail the loan under the Punjab government’s scheme, the following key points must be fulfilled:
- Age: 20 to 50 years
- Gender: Male / Female / Transgender
- Resident: Citizen of Pakistan, Residing in Punjab (verified through CNIC)
- Business Location: Punjab
- Business Type: Sole owner, partnership, or any business fulfilling other eligibility criteria
- Credit History: Must have a clean history
- Startups must have a viable business plan. And existing businesses with a viable business plan with a focus to sustain the impact of COVID-19
- Having Valid CNIC
- Any other parameter to be set by Punjab Small Industries Corporation (PSIC) / Government